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The 2025 YTD tanker SnP market remains exceptionally active

The 2025 YTD tanker SnP market remains exceptionally active, shaped by strong freight earnings, long-haul trade patterns and the ongoing effects of sanctions on Russian crude and products. Buyers come from a wide mix of backgrounds, but the distribution shows where real conviction lies. "Undisclosed" buyers dominate with 152 units, signalling a steady flow of private equity, commodity traders and shadow-fleet-related vehicles operating quietly in the background. Among declared players, Greece is the biggest participant with 64 tankers bought, closely followed by China with 61, while the UAE's 19 purchases highlight the region's expanding footprint in both crude and clean trading. The Rest of the World contributes 101 ships, reinforcing that liquidity remains deep and global. On the selling side, Greece again leads with 74 disposals, ahead of Singapore with 36 and China with 40. South Korea's 19 sales follow its typical rotation strategy, while 228 ships from the Rest of the World reflect the broader rebalancing of fleets as owners capture high prices for older candidates. Much like in the dry bulk sector, sellers are taking advantage of firm values while buyers with longer-term confidence keep absorbing tonnage.

Zooming into the Greek fleet specifically strengthens this narrative. Their 64 acquisitions in 2025 YTD show a very targeted approach. MR2s dominate with 31 purchases — nearly half the total — reflecting the strong structural story in clean products, driven by refinery realignment, growing Middle East and Indian export shares and elongated tonne-mile patterns. Aframax/LR2s follow with 12 ships and Suezmaxes with 11, both segments enjoying robust earnings as US Gulf exports expand, Russian barrels travel increasingly inefficient routes, and Atlantic–Pacific imbalances keep mid-size crude tonnage busy. Greeks also picked up three VLCCs, a modest but telling number in a market where modern large crude units remain tightly held and capital-intensive. The age distribution confirms how carefully these moves are calibrated. Greeks are concentrated in 6–15-year MR2s, balancing price and operational runway. In Aframax/LR2s, buying is skewed toward 0–10-year ships, suggesting continued confidence in the segment's medium-term outlook. Suezmax purchases stretch deeper into the 16–20-year group, showing that older crude units still make economic sense under today's elevated earnings and long-haul dynamics. Even the three VLCCs bought sit in the 6–15-year range — not distressed assets, but calculated entries. On the disposal side, the 74 tankers sold by Greeks show a clean fleet-renewal pattern rather than any retrenchment. Aframax/LR2s lead with 26 sales, followed by 14 MR2s and 14 Suezmaxes. These are the segments where liquidity is greatest and pricing remains strong, making it the ideal moment to rotate out older units. The age breakdown confirms it: Aframax disposals cluster in the 11–25-year band, Suezmax sales in the 16–25-year bracket, and MR2 sales in the 11–20-year range. Even the 11 VLCC disposals fall mainly in the 16–25-year group, capturing peak values for elderly crude tonnage in a structurally tight environment.

Tanker fundamentals remain strong, with crude tonne-miles near record highs as Russian flows shift east, US Gulf exports rise and Asian refiners boost long-haul demand. Product markets stay tight amid refinery reshuffling and Middle Eastern growth. With orderbooks below 10%, supply discipline endures. In this landscape, Greeks pursue strategic reshuffling, China expands steadily, shadow-fleet players absorb vintage tonnage and market liquidity supports continuous fleet renewal.

Sale and Purchase

Dry:

In the Capesize sector, Greek buyers have acquired the "ANTONIS ANGELICOUSSIS" – 177K/2007 SWS for USD 20.5 mills. Also built at SWS, the "POMPANO" – 174K/2006 was sold for high USD 17 mills, basis delivery in May. Moving down to the Post Panamax/Kamsarmax sizes, Greek purchasers committed to the "CLIA" – 93K/2012 AVIC Weihai for USD 12.75 mills, while the Chinese-built "PEACE ARK" – 93K/2010 JNS changed hands to Chinese buyers for USD 13 mills. In the Kamsarmax sector, Blumenthal acquired the modern "URSULA MANX" – 82K/2021 Tsuneishi Zhoushan for USD 33.85 mills. Further activity was seen in the Panamax segment, where the "ANNY PETRAKIS" – 75K/2008 Hudong Zhonghua was sold for low USD 10 mills to undisclosed interests. Meanwhile, Chinese buyers acquired the Japanese-built "STAR EMILY" – 76K/2004 Tsuneishi for USD 8.5 mills. On the Supramax sector, the OHBS and fitted with electronic M/E "GLOBAL PRIME" – 56K/2014 Oshima was sold to undisclosed buyers for excess USD 21 mills, the "JIN BI" – 56K/2012 Jiangsu New Hantong was committed to Xing Le Investments for USD 14.4 mills, while the handysize "IOANNA D" – 35K/2012 Nanjing Dongze achieved USD 10.5 mills with undisclosed buyers. Lastly, Middle Eastern buyers acquired the "BAO SHUN" – 34K/2005 Oshima for USD 8.2 mills.

Wet:

Tanker S&P activity continued this week with six sales reported across the crude and product segments. The VLCC "TOWADA" - 306K/2006 Mitsubishi was sold for USD 45.7 mills to Chinese buyers. Newbuilding resale interest was seen with the MR2 "ZHOUSHAN CHANGHONG CHB5006" - 50K/2026 Zhoushan Changhong changing hands for USD 48.5 mills with buyers remaining undisclosed. Continuing in the MR sector, the FS Ice Class 1B "AEGEA" - 51K/2008 SLS achieved USD 14.5 mills, whilst Chinese buyers acquired the "MINERVA LYDIA" - 48K/2004 Iwagi for USD 10.4 mills. Indian buyers committed to the "SEA ADORE" - 48K/2004 HMD at USD 10.5 mills. Finally, in the Handy/Product segment, Navigazione Montanari purchased the "ECO REVOLUTION" - 39K/2016 Hyundai Vinashin for USD 32 mills.

Xclusiv Shipbrokers Inc.